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Saudi Arabia has ended its participation in mBridge, the cross-border central bank digital currency platform connecting mainland China, Hong Kong, Thailand and the United Arab Emirates. The departure only became public this weekend but took effect more than a year ago.
The Saudi Central Bank, or SAMA, said it completed its planned mBridge proof of concept on May 13, 2025, and stopped participating afterward. The central bank said the exit followed its original testing plan rather than a newly announced policy change.
Saudi Trial Ended Less Than a Year After Joining
SAMA joined mBridge as a full participant in June 2024 after previously observing the project. At the time, the central bank said it was testing whether wholesale CBDCs could improve cross-border payments and settlement between commercial banks. mBridge reached its minimum viable product stage that month.
The platform uses distributed ledger technology to support real-time cross-border payments and foreign-exchange transactions between participating commercial banks using central bank digital currencies. SAMA has not announced a replacement CBDC platform linked to its withdrawal from mBridge.
BIS Handed mBridge to Central Bank Partners in October 2024
Saudi Arabia’s exit follows the Bank for International Settlements’ departure from the project. The BIS handed mBridge over to its participating central banks in October 2024 after helping develop the platform with the monetary authorities of mainland China, Hong Kong, Thailand, and the UAE.
Its project page now classifies the BIS-led phase as concluded. mBridge has also drawn geopolitical scrutiny over its potential to reduce reliance on dollar-centered correspondent banking in some cross-border transactions. SAMA has not attributed its departure to that debate.
Macau Completed 23 mBridge Transactions On First Day
mBridge has continued operating since Saudi Arabia’s proof of concept ended. Macau joined the platform in early 2026 and opened it for transactions on June 2.
Three of the 11 banks initially approved to participate completed 23 cross-border transactions on the first day, covering trade settlement and international remittances.
Saudi Arabia’s departure therefore removes one participant rather than ending the project. mBridge continues operating among its remaining markets after the BIS handed development to the participating central banks.
